- Essential information about Olymp Trade to know before trading
- What Olymp Trade is all about
- Why traders are using them
- Registered or not?
- Limit to countries that can trade
- The small minimum amount makes people at ease
- Account holds and incomplete terms and conditions
- Conclusion. What are regulators saying about Olymp Trade
Finding a reliable and trustworthy forex broker is the one thing that is hard for traders. This is why it is important to make sure that you know everything there is to know about a broker before you can deposit money into their accounts. Olymp Trade is a forex trader that many traders are using. However, are they legit or not? There are so many different opinions, that it can be so easy to fall into the trap of a broker that claims that they are legit.
This is the first warning sign that there might be something dodgy about Olymp Trade. Besides the fact that they have been founded in 2014 in Cyprus, and that they are registered at an independent self-regulatory organization by FINACOM PLC LTD is all the information that we get.
There are a South African telephone number and a customer email address. That is all. No address, an official telephone number, and no international registration number. These are all warning signs. If they are legit, why don’t they give all the essential information in the first place?
Something that traders are asking is if Olymp Trade isn’t legit, why is there so many traders that are using them. This is because there are many benefits that the brokers are claiming you will have when you are using them to trade.
The payout rates are great, and you don’t need to start off with a huge deposit. However, because people know the bigger the deposit, the bigger the profit, they are depositing more than the minimum amount.
The other reason is the demo account that they are offering. With the demo, everything seems legit and easy enough. For beginners, this is a great way to learn how to trade. For more experienced traders, there might be some red flags that will prevent them from using the broker.
They are claiming that they are registered with an independent self-regulatory organization that is regulating their services as well. However, this company isn’t an international company that is regulating different brokers. They are just regulating brokers that are paying them additional fees. So, in other words, they are getting paid to regulate the brokers. This might be why there are positive reviews?
The one important thing to know is that they aren’t international registered and regulated. Making them a risky broker to start trading with. There are other companies that also have the same benefits, but that is registered and regulated and for sure more recommended.
If you are living in the US, then you will not be able to use Olymp Trade. They don’t accept any US traders. Why?
Might this be because the US has strict trading rules and that it will be easier to spot that they are scammers and not a legitimate broker? If they are licensed and registered, anyone all over the world will be able to use them. But they don’t accept some countries. Why?
People or new traders think that with the minimum deposit, they won’t lose as much money if the company isn’t legit. And, they are depositing the minimum and starts trading. The moment that they see that there is profit, then they are depositing more money into the account. And, this is where the trouble starts.
With a larger amount of money in your account, the higher the risks are going to be. And, this is normally the time where Olymp Trade is going to cancel your account. For different reasons. However, they are keeping the money that you had in your account.
Olymp Trade is getting complaints about account holds. They are claiming that traders didn’t read and obey the terms and conditions clearly. However, with further investigation, it is claimed that there isn’t any legit reason for the account holds and the money that isn’t available for withdrawal anymore.
Their terms and conditions are incomplete. Meaning that there is room for people to make mistakes when it comes to their rules and regulations. They can change the meaning of their terms without any problems. And, this is what they are using to prevent people from withdrawing their money. Why they are known as unreliable and untrustworthy.
This is the most important part of the review. What are regulators saying about Olymp Trade? Do they see this broker as legit or as a scam?
According to regulators, they are sending warnings out of this forex broker. There are many irregularities that are making this broker untrustworthy. For starters, they aren’t registered and doesn’t allow US traders to trade with them. They have many accounts holds, because of incomplete terms and conditions. And, the lack of information about the company self, is a risk.
Olymp Trade. For some a great forex broker. For other a broker that you can’t trust. What is the truth? Looking at reviews, you will see that only a couple of traders are recommending them as brokers. Most of them have complaints about struggles with withdrawing their funds. And, they aren’t regulated and registered. Making using Olymp Trade a huge risk if you want to trade and invest with them.